Let’s start with the SPY monthly chart:
Did you see how the top of the bar was touching the first wall? Or should I say the head of the bar was banging on the wall?
Here is the SPY weekly chart:
Clearly current week bar is heading straight to the first wall. It stops short of penetrating the wall on the close. Close, but no cigar; at least, not today.
Now look at the SPY daily chart:
Oh, oh! You can see clearly that price has penetrated the first wall but it has also failed to close above the wall.
Here comes the SPY hourly chart:
You could see price action was deflected from the wall.
Tomorrow will be interesting. Will price continue upward, penetrate the first wall, and close above it by end-of-day?
Don’t forget to bring pop corn in the morning…
Trade well!
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